Morgan Stanley Raises Formula One Group (NASDAQ:FWONK) Price Target to $85.00

Formula One Group (NASDAQ:FWONK) had its price target boosted by Morgan Stanley from $80.00 to $85.00 in a report released on Monday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other research analysts also recently issued reports about the company. Evercore ISI upped their price objective on Formula One Group from $85.00 to $90.00 and gave the stock an outperform rating in a research note on Tuesday, June 4th. StockNews.com upgraded shares of Formula One Group to a sell rating in a research report on Saturday, August 24th.

Formula One Group Trading Down 0.5 %

Formula One Group stock opened at $77.07 on Monday. Formula One Group has a 52 week low of $60.95 and a 52 week high of $82.23. The stock has a market cap of $16.17 billion and a P/E ratio of 56.26. The stock has a 50 day moving average of $77.53 and a 200-day moving average of $73.16.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.22). The company had revenue of $853.00 million during the quarter, compared to analysts’ expectations of $960.45 million. As a group, equities analysts predict that Formula One Group will post 0.98 earnings per share for the current fiscal year.

Insider Transactions at Formula One Group

In related news, insider Renee L. Wilm sold 19,202 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Formula One Group news, CAO Brian J. Wendling sold 10,011 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Renee L. Wilm sold 19,202 shares of Formula One Group stock in a transaction on Friday, September 20th. The shares were sold at an average price of $78.78, for a total transaction of $1,512,733.56. The disclosure for this sale can be found here. 4.31% of the stock is owned by insiders.

Institutional Trading of Formula One Group

Large investors have recently added to or reduced their stakes in the business. Beach Investment Counsel Inc. PA bought a new stake in Formula One Group during the second quarter worth approximately $48,000. Janney Montgomery Scott LLC bought a new stake in shares of Formula One Group during the 4th quarter worth $1,167,000. Finally, Hahn Capital Management LLC grew its stake in Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares during the last quarter. 92.26% of the stock is owned by institutional investors.

About Formula One Group

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.